Spirit AeroSystems to furlough 700 workers, financial struggles worsen as FTC reviews merger
By Curtis Eichelberger ( October 18, 2024, 14:35 GMT | Insight) -- Spirit AeroSystems will furlough about 700 workers as a machinist strike at its primary customer, Boeing, continues into its second month.Spirit AeroSystems will furlough about 700 workers as a machinist strike at its primary customer, Boeing, continues into its second month.Boeing offered to buy Spirit for $4.7 billion in July and is waiting for regulatory approval from the US Federal Trade Commission.* The news, first reported by Reuters, adds to the company’s recent struggles and will likely force the government to consider Spirit’s financial instability as part of the antitrust review (see here). “If the strike continues beyond November, we will have to implement layoffs and additional furloughs,” spokesman Joe Buccino said Friday. Furloughed workers do not work or get paid for 21 days, whereas layoffs are indefinite, Buccino said in an interview. The Spirit spokesman said the employees work on the 777 and 767 programs for Boeing. The 737 Max programs are not affected by the furloughs, he said.More than 32,000 Boeing machinists walked off the job Sept. 13 after rejecting a tentative labor agreement with Boeing. The two sides remain at an impasse.Boeing reports third-quarter earnings Oct. 23. Spirit reports later this month, though the date is still uncertain, according to Buccino....
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